How Are Franklin, OH Auto Loan Rates Determined?
Many factors influence your Ohio car loan rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Franklin could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the more you pay each month and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Franklin, OH?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Franklin, OH. If you've filled out your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have total control over. Most auto loans in Franklin have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you figure out what might work for your budget.
If you have less than ideal credit, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Ohio auto loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Franklin, OH — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Franklin, OH with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Franklin, OH no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Fill out our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!